Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$2,765/mo
Lowest payment
Down payment
$456,439
Funds due
$474,983
Interest + MI left
$194,229
First ends
May 2050
Assumption

Assumption + second

$5,402/mo
+$2,636/mo
Down payment
$88,439
Funds due
$108,936
Interest + MI left
$775,332
First ends
May 2050
New loan

New conventional

$6,086/mo
+$3,320/mo
Down payment
$88,439
Funds due
$104,231
Interest + MI left
$1,156,662
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$423,061$423,061$791,061
Second mortgage—$368,000—
First P&I$2,196.76$2,196.76$5,358.92
Second P&I—$2,636.40—
Mortgage insurance——$158.21
Taxes, insurance & HOA$568.50$568.50$568.50
Total housing payment$2,765.26$5,401.66$6,085.63

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$88,439
Closing costs & prepaids$20,497
Usable credit−$0
Total buyer cash needed$108,936
Earnest money paid−$0
Remaining funds due$108,936
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,055.50
Prepaid interest, first (9 days)$359.89
Prepaid interest, second (9 days)$703.23

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.

What is left to pay

The seller already paid down the early, interest-heavy years.

Remaining first mortgage at closing23 yr 5 moOf the original 30-year loan at 3.45%
Interest already paid$104,343Through Dec 2026
Assumption only · ends May 2050$194,229
Assumption + second · ends May 2050, second Jan 2057$775,332
New conventional · ends Jan 2057$1,156,662